ON EQUILIBRIUM FOR OVERLAPPING GENERATIONS ORGANIZATIONS*
نویسندگان
چکیده
منابع مشابه
On Equilibrium for Overlapping Generations Organizations
A necessary feature for equilibrium is that beliefs about the behavior of other agents are rational and individuals maximize. We argue that in stationary OLG environments this implies that any future generation in the same situation as the initial generation must do as well as the initial generation did in that situation. We conclude that the existing equilibrium concepts in the literature do n...
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_________________________________________________________________________ A necessary feature for equilibrium is that beliefs about the behavior of other agents are rational. We argue that in stationary OLG environments this implies that any future generation in the same situation as the initial generation must do as well as the initial generation did in that situation. We conclude that the exi...
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THE OVERLAPPING-GENERATIONS (OLG) model, introduced first by Allais (1947) and Samuelson (1958), is one of the two major workhorses for macroeconomic and financial modeling of open-ended dynamic economies. Following developments in the study of two-period economies, the OLG model has been extended to cover stochastic economies with production and possibly incomplete financial markets. As is the...
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ژورنال
عنوان ژورنال: International Economic Review
سال: 2005
ISSN: 0020-6598,1468-2354
DOI: 10.1111/j.1468-2354.2005.00360.x